The reliance upon the U.S. dollar as the world's reserve currency and "safe haven" asset has created a perverse, but deeply entrenched, mindset among global investors.
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No one can predict the timing, but the signal to sell all your gold will be an emergency economic meeting to create a new global currency.
Why was Bear Stearns saved from bankruptcy but Lehman Brothers was not? How could the decision makers not realize the dire consequences of letting Lehman go down?
The world's reserve currency can't inflate its way to prosperity. The danger of causing a disorderly decline of the dollar is very high.
A global currency would allow emerging economies to borrow in their own currency, avoid currency mismatches and the extreme poor can trade with each other without being exposed to currency risk.
I spoke with Joseph Stiglitz about the momentous power shift taking place as we sift through the debris of America's busted credit bubble.
If the day comes that we do convert to a new global currency, here is how we bypass all the rancor and nationalism and factionalism: We embrace the Golden Galleons.
A global currency might be attractive to central banks looking for an alternative to the U.S. dollar, but it won't be an easy adjustment for the U.S., the country that will likely feel the most pain.
It has been a year since we have been aware of the severe financial downturn that has crippled the global economy. Since then, banking systems, finan...
Going after China "aggressively" on its exchange rate policy would not be wise. It won't help address the job losses which have made this a hot issue, and it will strain relations with a major world power.
Oh, the amazing shrinking dollar.
The U.S. currency tumbled last week to a record low after the Federal Reserve cut interest rates, continuing the do...
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